Crypto exchange Bittrex buys stake in Malta blockchain firm
Cryptocurrency exchange Bittrex has acquired a 10% stake in Malta-based blockchain company Palladium, the Times of Malta reported.
Palladium was launched with much fanfare in July with Maltese Prime Minister Joseph Muscat also making a speech during the event. The blockchain firm launched a fully-regulated tokenised convertible warrant, which allows investors to make a stake in the future of cryptocurrencies.
Called an initial convertible coin offering (ICCO), the tokenised convertible warrant gives investors the right to convert crypto tokens into Palladium shares three years after the issue date. The ICCO is regulated by a prospectus approved by the Malta Financial Services Authority (MFSA) and subject to stringent EU rules, according to the company.
In a statement, Palladium founder and chairman Paolo Catalfamo said, “Bittrex’s investment in Palladium is a confirmation of Malta’s sound decision to be at the forefront of regulating blockchain technology.”
Catalfamo is no stranger to Maltese business having been chairman of the Maltese insurance giant Globalcapital plc for the past few years.
Bittrex, which was founded in 2014 by three cybersecurity engineers, provides real-time trade execution, digital wallets and industry-leading security practices.
Palladium’s shareholders include Catalfamo’s Investar Holding, which owns 85% of the company, and Unikrn, which holds 15%. eSports betting platform Unikrn, founded by former Microsoft Ventures CEO Rahul Scood, is based in Las Vegas.
The Maltese blockchain company has set a fundraising goal of €150 million, which it said will be used to “support the three core blocks of Palladium’s solution”—50% will go towards the acquisition of a controlling interest in a European bank; 35% into the formation of a regulated crypto-exchange and the development of a clearing and settlement blockchain platform; and 15% into strategic investments in financial services and blockchain companies”.
The Palladium crypto exchange will be the result of a partnership between Palladium, Unikrn and Bittrex.
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